SAN ANTONIO--(BUSINESS WIRE)--Advantage Capital Partners, a leading venture capital and small business finance firm, has provided $3.3 million in financing to Hospice Partners of Texas. The funding, raised in connection with the Texas Certified Capital Company (CAPCO) program, will allow the company to expand through the acquisition of Alamo Hospice, maintaining 70 full-time staff and a dozen part-time staff in the San Antonio region. Further growth is expected in the coming months, as Hospice Partners intends to expand Alamo Hospice and create additional jobs.
"Advantage Capital is pleased to support Hospice Partners in their effort to provide caring, quality hospice services to terminally ill patients in Texas," said Les Alexander, senior vice president at Advantage Capital. "This Texas CAPCO program funding will enable Alamo to retain good jobs in San Antonio, with additional growth expected as the company expands and offers hospice care to more patients."
Gary Merchant, CEO of Alamo Hospice, noted that quality hospice care is in high demand. “The hospice industry is currently experiencing tremendous growth due to many factors, including an aging baby boomer population; increased acceptance of hospice care by physicians, patients and their families; higher usage rates; and pressure to move toward more cost-effective care.”
San Antonio-area legislators welcomed the news of the CAPCO investment. "Public-private economic development partnerships like the Texas CAPCO program enable funding for local entrepreneurs and promising companies. This investment brings needed capital to a critical resource for our city and state," said State Senator Leticia Van de Putte (D-26).
Alamo Hospice provides its services to terminally ill patients with cancer, AIDS, emphysema, heart failure and other life-limiting illnesses. Hospice services allow patients to be taken care of in the comfort of their homes, rather than in the hospital. Hospice is a comprehensive approach to providing end-of-life care, with a focus on patient comfort ensuring that the final stage of life is satisfying for the patient and their family. The goal of hospice care is to relieve pain and other symptoms, rather than offer curative medical care.
Advantage Capital's investment in Hospice Partners of Texas was made in connection with the Texas Certified Capital Company program, which encourages the flow of investment capital to promising companies located in the state. The companies, in turn, develop innovative technologies and services, create jobs, and increase economic activity throughout their communities.
About Advantage Capital Partners
Advantage Capital Partners is a leading venture capital and small business finance firm focused on providing growth capital and other investments supporting state and local economic development efforts. The firm's typical forms of investment include early stage, expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in Austin, New Orleans, St. Louis, and other U.S. cities, Advantage has raised more than $1.3 billion in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional capital.
About the Certified Capital Company program
Advantage Capital Partners is a leading participant in the Certified Capital Company (CAPCO) program, a state economic development tool designed to strengthen state economies by stimulating the flow of investment capital to local small businesses, creating high-paying jobs and increasing state tax revenues. In Texas, the state Comptroller of Public Accounts implements and administers the CAPCO program through the Texas Treasury Safekeeping Trust Company. The CAPCO program supports economic development and generates tax revenues for the state through business growth and job creation. The latest report from the Texas Comptroller shows a thriving CAPCO program in Texas, with the participating CAPCOs having invested more than $86 million and enabling the retention of 958 jobs and the creation of 690 jobs.
For more information on the Texas CAPCO program, visit http://www.window.state.tx.us/capco/.